Danny Meyer's book Setting the Table is in my view a must read for anyone in the restaurant world. He has a clear philosophy behind what he does and a string of successful restaurants across multiple styles that is a testimony to that philosophy. What I also like about the book is that he discusses the mistakes he made and is always asking himself how he can learn from that experience. Most great managers talk of learning more from their mistakes than from their successes but few speak of real examples of this learning process, however, this one from Danny Meyer is stand out in my view...
To a class of trainee accountants, nothing quite generates an adolescent giggle like your introduction to double-entry. but behind the mirth, double-entry bookkeeping is a somewhat beautiful thing. Double-entry reflects that every transaction in a business generates not one accounting outcome but two.
For Formula 1 fans who support Lewis Hamilton, Sunday's Malaysian GP was a big disappointment, so one can only imagine how Lewis himself felt after his engine went up in smoke and possibly his championship hopes also. This was of course big news and the press hung on his every word but such a huge setback allowed us a valuable insight into the mind of a champion. While he no doubt has been trained by the best PR agents in the business, I'd like to think that what he says publicly, is indeed what he thinks privately, not least because he is a driver who is known to wear his heart on his sleeve. Let's jump in.
It is said that when Julius Caesar was asked why he divorced his wife Pompeia, it was because she was suspected of some wrong doing and he could not associate with her anymore. And so the phrase 'Caesar's wife must be above suspicion' entered the public domain. It is worth noting here that it is not recorded whether Caesar's wife actually did anything wrong, she was merely suspected of it, and that itself is sufficient. And so we come to Big Sam Allardyce, England football manager for all of 67 days, for the England football manager, like Caesar's wife, must be above suspicion.
Financial statements convey the financial health of your company to interested parties who might be investors, customers, creditors or the public at large. The most important components of these are called the 'primary financial statements' comprising the profit and loss account, balance sheet and cash flow. The statement of shareholders' equity might also be considered a fourth.